Top Credit Cards For Small Business Owners Reviewed October 2014
Most small businesses need credit cards to increase their buying power and for other reasons such as keeping track of expenses. Some business cards offer very rich rewards programs, either via cash back or in the form of airline miles. We have complied a list of the best business credit cards on the market for October 2014 here, listed with an in depth review of each card to better inform you of each cards strengths and weaknesses.
Capital One® Spark® Cash for Business
This card is for small businesses with excellent credit. Features a flat 2% cash back on all purchases year round. You also earn a sign up bonus of $250 after you spend $5000 on the card within the first 90 days of opening the account, and you also earn $50 when you sign up for one or more employee cards. You can redeem your cash rewards at any time, the rewards never expire and you may also set up an automatic redemption so you can manage your time better, after all time is money. Customer service is rated very high with this card. The APR with this card ranges from 13.9% to 20.9%, depending on your credit rating.
The Business Gold Rewards Card from American Express OPEN
If you need a rich rewards card for your business, look no further than the The Business Gold Rewards Card from American Express OPEN. You earn 3x points for every dollar spent on airfare when you purchase directly from the airlines, you also earn 2x the points on purchases from select media, shipping, gas stations, and select computer hardware, software and cloud computing service providers, finally you also earn 1 point per dollar spent on all other purchases. Have a hard time keeping track of expenses? Manage receipts easily, simply sync your expenses from your credit card directly to Intuit QuickBook, and the ReceiptMatch with QuickBooks will allow you to tag, approve and send the transaction data to QuickBooks. Employee card holders may also tag their transactions as they go. There is a $175 annual fee, but this is waived for the first year. This card is loaded with perks which include but are not limited to purchase protections, return protection, extended warranty, travel accident insurance, car rental loss and damage insurance, and other benefits and services. Need another incentive to check this card out? How about a 25,000 bonus point sign up bonus if you spend at least $5000 in purchases within the first 3 months of opening up your account? The APR is variable but it falls into the low interest category, but does require excellent credit to obtain this card.
Bank of America® Cash Rewards for Business MasterCard® Card
This business card has no limits on the rewards you can earn. The rewards program consists of 3% cash back at gas stations and office supply stores with a $250,000 annual cap after which it converts to 1% cash back for this category, 2% cash back at restaurants and 1% cash back on all purchases. As an additional bonus this card features 0% APR on purchases for the first 9 billing cycles. If you want your employees to have their own cards the good news is that with this card you can set each employes limit and the cards come at no additional cost. This card has no annual fee. Your APR is variable but this cards APR can be as low as 11%.
The Plum Card® from American Express OPEN
This card made our list due to one awesome feature, which is you get a 1.5% discount for paying early or up to 60 days to pay without interest, or both each month. This amounts to an extra 30 days to pay off your balance and avoid interest charges, and what business could not use a short term interest free loan now and then? There is an annual fee but it is waived for the first year, after which you pay a flat $250 dollars but this includes any employee cards. If you do business travel this card has no foreign transaction fees. For the first 3 months of owning this card you can get 3.5% cash back by paying early you get the 1.5% cash back with no cap, then for every $10,000 you spend you get a $200 statement credit, if you spend $30,000 on this cards that is $600 cash back which is equal to an extra 2% cash back, sounds complicated but it’s rather simple. For even more cash flow power, you can choose whether to receive your bill at the beginning, middle, or end of the month so you are never stuck with a bill when you are not ready for it. Customer service with AmEx is second to none, and is available 24 hours a day with dedicated business consultants. Perks include, but by no means are limited to purchase protection, return protection, extended warranty, and travel accident insurance.